Yesterday, the Internal Revenue Service announced in Revenue Procedure 2013-35 the annual inflation adjustments for more than 40 tax provisions for 2014, including the tax rate schedules, and other tax changes. This Revenue Procedure provides details about these annual adjustments.

*The limitations regarding eligible long-term care premiums includible in the term “medical care,” are as follows:

Attained Age Before the Close of the Taxable Year Limitation on Premiums

40 or less $370

More than 40 but not more than 50 $700

More than 50 but not more than 60 $1,400

More than 60 but not more than 70 $3,720

More than 70 $4,660

*For Medical Savings Accounts, the term “high deductible health plan” means, for self-only coverage, a health plan that has an annual deductible that is not less than $2,200 and not more than $3,250, and under which the annual out-of-pocket expenses required to be paid (other than for premiums) for covered benefits do not exceed $4,350.

*For Medical Savings Accounts, the term “high deductible health plan” means, for family coverage, a health plan that has an annual deductible that is not less than $4,350 and not more than $6,550, and under which the annual out-of-pocket expenses required to be paid (other than for premiums) for covered benefits do not exceed $8,000.